Financial Services Industry
Industry: Email Alert RSS FeedSunTrust to absorb Crestar
Pensions & Investments, July, 1998 by Sakelaris, Linda
Linda Sakelaris ATLANTA - The acquisition of Crestar Financial Corp. by SunTrust Banks Inc. will lift SunTrust's total assets under management to more than $53 billion. SunTrust will acquire Crestar Asset Management of Richmond, Va. It now owns STI Capital Management, Orlando, Fla., and Trusco Capital Management, Atlanta.
Together, the three will manage more than $36 billion in institutional tax-exempt assets. Details about Atlanta-based SunTrust's plans for the asset management business were not available, but executives stressed the bank's 'decentralized management structure' and its hands-off position toward the asset management units. 'But all that doesn't tell you what you need to know,' said David Kudish, president of Stratford Advisory Group Inc., Chicago....
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